Find the simple interest on ₹2,700 for 8 months at 5 paisa per rupee per month ?
Answer & explanation
Correct answer: option 4
P (Principal) = 2700/-
Time = 08 Months
Rate% = 5 Paisa per month
SI = Total rate of interest (Time x Rate%) = 8 x 5 = 40%
[Time and Rate% are given in months]
10% of 2700 = 270
40% of 2700 = 270x4 = 1,080/-
Answer = 1,080